17 October 2023
Business turnover is 15 Lac - 44AD complied. Professional turnover is 7 Lac- Profit 2 Lac only- 44ADA not complied (less than 50% of gross receipts-44ADA not eligible). Total turnover under the PAN is 22 Lac. Can we do 44AB for profession and adopt 44AD for business?
17 October 2023
Yes I agreed with Mr CA R SEETHARAMAN Sir,
As per Your query Tax audit not applicable. But, the professional income must be u/s 44AA. otherwise profit will be declare 50% (or above)
17 October 2023
Sir, Kindly note that professional income is less than 50% of gross receipts. There fore Tax audit u.s. 44AB(d) applicable. In that case whether audit required for business also?
CAclubindia
